One Of The Best Traders In Congress Sells Shares Of Distressed Regional Bank On Day Of Stock Crash

Cherry blossoms bloom on the grounds of the U.S. Capitol on March 27, 2023 in Washington, DC. This week the U.S. Senate will consider legislation to end the Iraq Authorizations for the Use of Military Force (AUMF) and hold hearings on investigation pertaining to the recent collapse of Silicon Valley Bank and Signature Bank. ANNA MONEYMAKER/BENZINGA

Several banks have collapsed in 2023, including Silvergate Capital, Signature Bank and Silicon Valley Bank, a unit of SVB Financial. The Department of Treasury and Federal Reserve stepped in to provide a backstop for depositors of Silicon Valley Bank.

A member of Congress sold shares of a distressed regional bank shortly before it fell further. Here are the details.